EARNINGS: Too Much?

As the first batch of year-end earnings
reports came out last week, many a businessman began to worry about
profits. It was not that they were too low. The question was: Were
theyat least in some companiesgoing to turn out to be too high?

Despite soaring scrap prices, the steel industry had seldom been fatter.
In 1947, U.S. Steel reported, it had netted $126.7 million, the biggest
since 1929 ($197.6 million), and 43% above 1946. Three other steel
companies (Republic, Youngstown, and Jones & Laughlin) made just about
twice as much in 1947...